On Friday, the Pakistani rupee (PKR) saw a minor decline against the US dollar in the interbank market.
The US dollar rose by 58 paise, pushing its value up to 295.50 rupees against the PKR. This has raised concerns about the rupee’s strength in the open market, especially since it has recently surpassed the 300 rupees per dollar threshold.
Meanwhile, the Pakistan Stock Exchange (PSX) started Friday’s trading session on a high note, hinting at a positive trend for the day. An impressive gain of 226 points in the 100 index, which brought the index to a significant milestone of 48,552 points, demonstrated that the recent currency fluctuations haven’t dampened the PSX’s pro-business momentum.
On the previous day, the rupee had a minor dip of 0.15% against the US dollar, ending the trading day at PKR 294.92 per USD. This was a minimal change from the closing value of PKR 294.93 per USD the day before.
However, the overarching trend suggests that the strengthening US dollar is exerting ongoing pressure on the Pakistani currency. During the trading activities, the highest recorded rate (bid) for the rupee was 295.25, and the lowest (ask) was 295.1.
In terms of the open market rates, exchange firms listed the buy rate for the dollar at 301 PKR and the sell rate at 304 PKR.